FILE PHOTO: A girl walks previous the Oslo Inventory Alternate constructing in Oslo, Norway February 12, 2019. REUTERS/Gwladys Fouche – RC1340E8A7B0/File Picture

OSLO (Reuters) – Nasdaq withdrew its bid on Monday to takeover Norwegian inventory market operator Oslo Bors VPS, leaving pan-European competitor Euronext as the only bidder.

Euronext secured approval this month from Norway’s Ministry of Finance for its buy of greater than 50% of the shares of the Oslo Bors, successfully blocking Nasdaq’s bid after a five-month combat.

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Each had supplied 158 Norwegian crowns per share for Oslo Bors, valuing certainly one of Europe’s final unbiased inventory market operators at round 6.Eight billion Norwegian crowns ($783 million). However the view of the Norwegian authorities was essential.

Norway rejected Nasdaq’s argument that no takeover needs to be allowed except a two-thirds stake was obtained, a requirement that would have blocked Euronext because the U.S. firm had secured backing from round 35% of householders.

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Nasdaq had received the assist of greater than a 3rd of Oslo Bors shareholders together with the Norwegian market operator’s main shareholders DNB and KLP. Nasdaq mentioned on Monday it could launch these homeowners from their obligations.

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Each Euronext, which runs exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin, and Nasdaq wish to increase their portfolios however alternatives are scarce as market operators both already belong to worldwide teams or their shareholders wish to stay unbiased.

($1 = 8.6855 Norwegian crowns)

Reporting by Terje Solsvik; Enhancing by Edmund Blair

Our Requirements:The Thomson Reuters Belief Ideas.


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